Thanks to the constant rise in popularity of cryptocurrencies, many new individual investors have decided to join the growing crypto space. After recent Ripple price surge, numerous new investors have developed an interest in this coin. Because of this, they started to explore it in order to find ways of earning XRP coins. As a result, many started to wonder how Ripple mining can be achieved, and what kind of mining rig do they need. This is what we will be addressing today.
Ripple mining is not possible
Yes, that is correct. Whether you’ve heard it on a forum, or if someone familiar with this coin has told you — the fact remains. Ripple is simply not mineable.
Well, there are several reasons why you can’t mine Ripple. The first one is the fact that ripple is controlled by a company. This is the same company that has created it, Ripple Labs. While the company denies having any great control over the currency, the fact is that they are the only ones who can create new XRP coins.
So far, the company has produced around 100 billion XRP, although only a part of it (39.8 billion) has been released into circulation. While most other coins also have a total supply, cryptos like Bitcoin can be mined until that total supply is released into circulation. In other words, the circulating supply of Bitcoin is constantly growing with each new block that gets ‘solved’. On the other hand, Ripple has its circulating supply fixed, and this will remain so until the company decides to release more coins.
How to gain XRP if not through Ripple mining?
There is only one way to get to XRP coins through mining, and that is to mine other cryptos. After doing so, you can either exchange them for Bitcoin and then buy XRP, or you can buy XRP directly if there is a trading pair for the currency you have mined.
In other words, the only way to get to XRP is to trade some other coin for it. If you ever run across a method that explains that you can, in fact, mine Ripple — it is likely a trick or a scam.
Ripple is a cryptocurrency for banks
It is widely known that banks and other financial institutions are not especially supportive of cryptocurrencies. And yet, numerous reports from all sides of the world claim that banks are opening up to Ripple, and are choosing it as their preferred coin.
This is not fake news, and Ripple is indeed targeted by many banks. The reason behind this is the fact that Ripple has created some very useful and much-needed products. These products, like xCurrent or xRapid, are used to improve the speed of financial transactions.
The technology that banks have been using up to this point is already getting old and is often not capable of meeting higher and higher demands. This is why the banks recognized the need to improve their tech. And, since Ripple is much more stable than most other coins due to the fact that there is a reputable company behind it, financial institutions decided to give it a chance.
In fact, the recent price surge is a direct consequence of this decision, as many believe that banks are finally getting ready to actually implement Ripple’s products. This would provide a coin with a unique use case that would make it essential for the future of transaction-making.
As for Ripple mining, it remains impossible. Because of this, everyone looking to get their hands on XRP tokens can either buy them or trade another coin for them.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
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Can Libra help the crypto industry to reach new heights?
The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
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